Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Stocks

A Key Momentum Indicator Shifts from Bullish to Bearish for QQQ

by October 5, 2023
October 5, 2023
A Key Momentum Indicator Shifts from Bullish to Bearish for QQQ

QQQ remains well above the rising 200-day SMA, but clearly shifted from bullish to bearish over the last two months. Today’s report/video will show this momentum shift and analyze the short-term continuation pattern taking shape.

A Key Momentum Indicator Shifts from Bullish to Bearish for QQQ

The chart below shows QQQ trading well above the rising 200-day SMA. We could make the case for a long-term uptrend, but the immediate trend is down. QQQ formed a lower high from July to September and a lower low from August to September. As far as I am concerned, the path of least resistance is down.

I am also bearish because RSI shifted from a bullish range to a bearish range. RSI typically ranges from 40 to 80 during uptrends (green shading) and from 20 to 60 in downtrends (red shading). Notice how RSI broke above 60 in mid January and then ranged from 40 to 60 during the bull run from mid January to mid August. RSI broke this range in mid August and the 50-60 zone becomes momentum resistance (red shading).

Short-term, QQQ fell sharply in September and then consolidated with a pennant taking shape. Pennants are short-term continuation patterns that get their trading bias from the prior move, which was down. This pennant is a bearish continuation pattern and a break would target a move towards the 200-day SMA. I covered this pennant in Thursday’s Chart Trader report and video.

This week in Chart Trader: We introduced a short-term breadth model designed to identify oversold conditions and signal upturns. It is currently oversold and remaining oversold. Each Chart Trader report and video also includes trading setups for stocks and ETFs. An 8-day trial is available.  

—————————————

0
FacebookTwitterGoogle +Pinterest
previous post
ChatGPT overtakes Netflix in web traffic
next post
Uber ordered to pay €584,000 in penalties for failure to comply with court order

You may also like

Is META Breaking Out or Breaking Down?

July 23, 2025

MEM TV: Breakouts and Downtrend Reversals in Key...

May 20, 2023

Trifecta of Trouble

April 5, 2024

Looks Like a Strong Rotation To The Leading...

September 11, 2023

Equities Continue Surge Amid “Healthy” Rotation

August 26, 2024

50% of S&P 500 Stocks Just Turned Bullish...

May 13, 2025

Avoid Analysis Paralysis: Focus on the Important Trading...

March 14, 2023

Mish’s Daily Video: The Russell 2000, Retail and...

August 31, 2022

Waning Participation within a Key Benchmark Could Spell...

April 7, 2023

Sector Spotlight: Latest Drop in US Dollar Sending...

July 18, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Technology in Hospitality: Innovations Shaping Guest Experiences

      July 26, 2025
    • British Factories Are Getting Smarter—But It’s Not Where You Think

      July 26, 2025
    • Navigating Risk and Reinvention: A Conversation with Krishen Iyer

      July 26, 2025
    • Budget-Friendly Compliance Tips for Growing Operations

      July 26, 2025
    • Europeans meet with Iranian officials face-to-face for first time since Israel, US bombings as sanctions loom

      July 26, 2025
    • Trump’s executive order on birthright citizenship blocked by another federal appeals judge in latest ruling

      July 26, 2025

    Categories

    • Business (8,580)
    • Investing (2,151)
    • Politics (16,203)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved